General Assembly of North Carolina Session 2011
H1068 [Filed] Page 3organization that is organized under the law of the United States and a branch or agency of a1bank that is not organized under the law of the United States or a state are located:2(1) In the state that the law of the United States designates, if the law designates3a state of location;4(2) In the state that the registered organization, branch, or agency designates, if 5the law of the United States authorizes the registered organization, branch,6or agency to designate its state of location; location, including by7designating its main office, home office, or other comparable office; or8(3) In the District of Columbia, if neither subdivision (1) nor subdivision (2) of 9this subsection applies."10
G.S. 25-9-311(a) reads as rewritten:11"(a) Security interest subject to other law.
Except as otherwise provided in subsection12(d) of this section, the filing of a financing statement is not necessary or effective to perfect a13security interest in property subject to:14(1) A statute, regulation, or treaty of the United States whose requirements for a15security interest's obtaining priority over the rights of a lien creditor with16respect to the property preempt G.S. 25-9-310(a);17(2) A certificate-of-title statute of this State covering automobiles or other goods18that provides for a security interest to be indicated on the a certificate of title19as a condition to or result of perfection of the security interest, including20G.S. 20-58 and G.S. 75A-41; or21(3) A certificate-of-title statute of another jurisdiction which provides for a22security interest to be indicated on the a certificate of title as a condition or23result of the security interest's obtaining priority over the rights of a lien24creditor with respect to the property."25
The catch line of G.S. 25-9-316 reads as rewritten:26"
§ 25-9-316. Continued perfection of security interest followingEffect of change in
G.S. 25-9-316 is amended by adding two new subsections to read:29"(h) Effect on Filed Financing Statement of Change in Governing Law.
The following30rules apply to collateral to which a security interest attaches within four months after the debtor31changes its location to another jurisdiction:32(1) A financing statement filed before the change pursuant to the law of the33 jurisdiction designated in G.S. 25-9-301(1) or G.S. 25-9-305(c) is effective34to perfect a security interest in the collateral if the financing statement would35have been effective to perfect a security interest in the collateral had the36debtor not changed its location.37(2) If a security interest perfected by a financing statement that is effective38under subdivision (1) of this subsection becomes perfected under the law of 39the other jurisdiction before the earlier of the time the financing statement40would have become ineffective under the law of the jurisdiction designated41in G.S. 25-9-301(1) or G.S. 25-9-305(c) or the expiration of the four-month42period, it remains perfected thereafter. If the security interest does not43become perfected under the law of the other jurisdiction before the earlier44time or event, it becomes unperfected and is deemed never to have been45perfected as against a purchaser of the collateral for value.46(i) Effect of Change in Governing Law on Financing Statement Filed Against Original47Debtor.
If a financing statement naming an original debtor is filed pursuant to the law of the48 jurisdiction designated in G.S. 25-9-301(1) or G.S. 25-9-305(c) and the new debtor is located in49another jurisdiction, the following rules apply:50